Let’s start from the beginning, however. Who even is GenZ?
Generation Z (or simply Gen Z), colloquially known as zoomers, is the demographic cohort succeeding Millennials and preceding Generation Alpha. Researchers and popular media use the mid-to-late 1990s as starting birth years and the early 2010s as ending birth years. Most members of Generation Z are the children of Generation X, but some are children of millennials. – Wikipedia
This means that people born into Genz have grown up in a digital world. They have been born right into the heartbeat of this new world. A world that changes every second. If anyone knows what’s new in the digital world, it’s probably someone in Genz. What does that mean for your business, however, and why is it even essential to adapt to this generation?
It’s nothing new that customers are changing. The personas from 1990 are no longer the personas from 2021. This also means that to stay relevant, it’s essential to understand who this new customer is. And this next generation of customers, just when your older middle-aged customers are moving on to other products or services, will be millennials and GenZ. There is yet another question, though, and that is: Why is it even important to think about GenZ now? The answer is easy in a way. Humans are animals of habit. If we find a company, doctor, etc., that we like, we stay with said business. We don’t want to change, at least not if we are being forced to. This, however, poses another difficulty to that problem. How can one get this new generation to like your business?
This is the part where it gets exciting. Suddenly the question about how digital is GenZ becomes really important. Now Genz, more than any other generation, is used to a digital world. Therefore a digital business easily wins. Great examples of this can be found in the banking industry. Banks like N26, Revolut, DKB in Germany, or even Apple and the Apple Credit Card are great examples that show that GenZ wants and can go completely virtual. Now, this does not mean, of course, that your business has to go completely digital. However, the more digital you are, the more convenience you offer your customer, and the more your service is attractive to this new generation.
So how digital is GenZ really? It is that much digital that it affects the entire economic world and poses new challenges to overthink existing models and move to a digital world. Why does GenZ not just go old school? Because being digital means offering convenience to your customers. Doing all the important stuff from home, not having to call in for the tiniest problems, being reachable 24/7, etc., all increases flexibility and convenience for your customer.
How much time do you have? None. Because the future is now. And that doesn’t just show in the banking industry. Look at investment apps, healthcare apps, car-sharing apps, online booking apps… Sectors that have always relied on in-person contact have entirely changed, and there is more to come.